The House passage of the tax reform bill is an important milestone, but there is still a lot of work to be done.
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The House passage of the tax reform bill is an important milestone, but there is still a lot of work to be done. The Senate is currently considering its version of the bill, and then the two chambers will come together and settle the differences through a conference committee.
Our goal is to reduce the tax burden for all Americans. For individuals and families, the House bill simplifies the rate structure, doubles the standard deduction, and allows nine out of 10 filers to submit their tax returns on a postcard. It also lowers rates on small businesses, including a nine percent rate for businesses earning less than $75,000. Considering more than 96 percent of Nebraska’s employers are small businesses, this provision can provide a strong boost to our state’s economy.
With so many meaningful reforms included in the House’s tax code overhaul, I am particularly pleased about the numerous victories for agriculture.
One of my top priorities as we drafted the bill in the Ways and Means Committee was ensuring producers could continue to deduct property taxes on agricultural land. I fought hard to keep this deduction intact, and I am happy to report it is included in the House bill.